Jobless Claims Get Better, but Remain at High Level
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CNBC's correspondent, Stephane Pedrazzi, reports from Paris where IMF chief Christine Lagarde is being questioned for a role in a dispute when she was French finance minister in 2007.
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John Lipsky, first deputy managing director of the International Monetary Fund, told CNBC that advanced economies are “either in, or very close to a mild recession.”
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Global financial leaders convened at an economic summit held at the University of Virginia to discuss the world's economic concerns. The conference tried to design a blueprint for how to solve some shared economic problems, such as the subprime mortgage crisis and rising fuel and food costs.
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Melissa Lee reports a breaking story linked to Citi's settlement and buyback of auction rate securities during tonight's "Fast Money." In an after-hours announcement, another Wall Street giant, Merrill Lynch, stated it too would buy back auction rate securities from its retail clients, who currently hold $12B of those questionable securities.
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Record high oil prices have deepened economic pain and even energy producers have begun to fret, but at talks with their customers in Rome they blamed the U.S. dollar and said they could not halt the rally.
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Treasury Secretary Henry Paulson warned on Sunday that governments should resist temptation to try to control soaring food costs through price controls, which he said would likely make the situation worse.
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Financial leaders on Saturday urged the International Monetary Fund to sharpen its oversight of the global economy, which is burdened by surging food prices and a credit crisis that shows no end in sight.
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The International Monetary Fund should sharpen its focus on currency exchange rate surveillance, challenges posed by sovereign wealth funds and supporting global financial market stability, Treasury Secretary Henry Paulson said on Saturday.
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The global economic outlook is worsening and the risk of contagion from a financial markets crisis that began in the United States is now very high, IMF chief Dominique Strauss-Kahn said on Monday.
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China's economy is likely to grow around 10 percent this year despite a global slowdown stemming from the U.S. subprime mortgage crisis, Dominique Strauss-Kahn, managing director of the International Monetary Fund, said on Friday.
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Want an illustration of why traders are nervous about how stable earnings forecasts are? New York State Governor Eliot Spitzer is lowering projections for tax revenue by $384 million, only three weeks after presenting his budget!
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The new head of the International Monetary Fund plans to cut up to 15 percent of the organization's staff in an attempt to stabilize the fund's finances as demand for its loans drops, the Wall Street Journal reported on Friday.
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The new head of the International Monetary Fund will "have his work cut out" due to the global credit crunch, one of his predecessors said on Saturday.
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Turmoil in global credit and money markets will likely continue as investors worry about the size of financial losses and where they might appear, the International Monetary Fund warned Monday.
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The U.S. economy will slow next year amid continued trouble in the housing market, likely leading to lower interest rates, a senior International Monetary Fund official said Wednesday.
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Britain Tuesday endorsed former French Finance Minister Dominique Strauss-Kahn over a former Czech central banker to head the International Monetary Fund in a contest seen as likely to go to the Frenchman.
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Russia nominated former Czech premier and central bank chief Josef Tosovsky on Wednesday to run the International Monetary Fund, but the Czech government immediately disowned his candidacy.
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The head of the International Monetary Fund warned on Tuesday that global investment and growth prospects were at risk from a dramatic rise in private equity buy-outs and threats posed by financial globalization.
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The European Union on Tuesday chose France's Dominique Strauss-Kahn to head the International Monetary Fund.